Royal Mail owner has warned they will not rule out job losses and price rises has they are facing a £120 million hit from Labour’s Autumn Budget.
Labour’s Budget will hit Royal Mail “harder compared to our competitors,” warned Martin Seidenberg, chief executive of parent firm International Distribution Services (IDS).
They said that due to the employer’s national insurance hike they have a £134 million write down and over the past six months they have stopped returning profit.
Seidenberg said, “We are seeing quite a significant burden from the national insurance increase.
“We are looking at a bunch of measures, but it is too early to say what we will do. They will be about pricing, cost efficiencies and other ways we can move forward.”
He was asked if this will lead to job losses, he said it is “too early to say” but they cannot rule this out.
He added, “Anything that would impact our people would be last resort, but we are working this through.”
